G2 Capital Advisors Served As The Exclusive Buy-Side Advisor To Worldwide Produce, A Portfolio Company Of Sole Source Capital, On Its’ Acquisition Of Vision Produce Company
Worldwide Produce (“Worldwide”) is a leading distributor of high-quality fresh fruits, vegetables, dairy products, and specialty foods to local restaurants, national chains, hotels, country clubs, entertainment venues, and catering companies in the Southern California region. Operating from state-of-the-art climate-controlled facilities in Los Angeles, California and Las Vegas, Nevada, Worldwide stocks thousands of items needed to efficiently operate a foodservice business. Worldwide also carries hard-to-find specialty items, paper goods, and cleaning supplies.
Long-term industry leader, Worldwide, joined forces with financial partner, Sole Source Capital (“Sole Source”) in 2019. Since being founded in 1989, Worldwide established its reputation as a premium produce provider to the Foodservice industry and experienced strong organic growth. Following its partnership with Sole Source, Worldwide’s management team were looking to further enhance their growth through a targeted M&A strategy to deepen their service and product offerings, acquire new customers, and expand geographically into new markets.
G2 Capital Advisors, LLC (“G2”) served as the exclusive financial advisor to Worldwide leading a bespoke buy-side effort focused on identifying and engaging with companies that have a strong market presence and operations within the produce distribution markets.
G2’s mandate with Worldwide led to the acquisition of Vision Produce Company (“Vision”) which added an enhanced geographic presence, additional sales channels, deep grower relationships, and a strong talent pool. Together, Worldwide and Vision will leverage a larger geographic footprint, impressive food safety records, and expertise to deliver the highest quality of goods to their customer base.
Todd Ferguson, CEO of Worldwide Produce, commented “I’m thrilled that Vision Produce has joined the Worldwide family. The team at Vision brings tremendous experience sourcing and importing quality produce, and expertly serving their blue-chip customer base. With a location in Phoenix as well as Los Angeles, Vision’s footprint allows us to continue to expand our reach and serve customers in this key growth market.”
“We are excited for the Worldwide team on its closing of Vision Produce as this acquisition will further enhance their capabilities. Both companies are highly reputable players with long histories of success, and we are glad to have played a role in their new partnership,” said Andrew Keleher, Vice President at G2 Capital Advisors.
About Worldwide Produce:
Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy products, and specialty foods to independent and chain restaurants across the Southern California region. The company operates out of two distribution facilities located in Los Angeles, CA and Las Vegas, NV and stocks roughly 6,000 SKUs. Worldwide Produce was founded by current management in 1989 and has rapidly grown its revenue base due to its high-quality produce, superior service levels, strong sales staff, and high-quality
About Vision Produce Company:
Established in 1980 with facilities in both Los Angeles and Phoenix, Vision Produce is a produce importer and distributor selling primarily to retail, wholesale and foodservice distribution customers in the Western United States. The Company offers a variety of fresh produce types including mangoes, limes, melons, chili peppers and more, which are sourced primarily from Mexico and South America. Additionally, Vision Produce owns Southwest Truck Brokers, a Phoenix-based freight and logistics broker primarily servicing the Western United States.
About Sole Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy and build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact [email protected].
About G2 Capital Advisors
G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.
CONTACTS ON THIS DEAL:
Peter Reed, Director, Buy-side: T: 617.918.7972 E: [email protected]
Andrew Keleher, Vice President: T: 860.748.6480 E: [email protected]
Matt Ball, Senior Associate: T: 617.918.7933: [email protected]
Aaron Levy, Senior Analyst: T: 857.250.2767 E: [email protected]